RBC lifts coupon for $527,000 trigger phoenix callables on three indexes

By Jennifer Chiou

New York, Dec. 12 – Royal Bank of Canada has amended the contingent quarterly coupon for its $527,000 issue of trigger phoenix callable notes due Dec. 10, 2020 linked to the worst performing of the S&P 500 index, the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will now pay a contingent quarterly coupon at an annual rate of 9% if each index closes at or above its coupon barrier level, 70% of its initial level, on an observation date for that quarter. The rate is up from the originally announced 6%.

As reported, the notes (Cusip: 78010U6C6) are callable at par plus the contingent coupon on any quarterly observation date.

The payout at maturity will be par plus the contingent coupon unless any index finishes below its 58% trigger level, in which case investors will fully exposed to any losses of the worst performing index.

RBC Capital Markets, LLC is the underwriter.

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